WGU D552 Data Analytics for Accountants I Complete OA-Prep Package | 225 Original Practice Questions, Excel Scenarios, Answers & Rationales | 2026/2027

D552 Data Analytics for Accountants I
Review
Data Analytics - ANS>>the process of evaluating data with the purpose of drawing
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conclusiions to address business questions
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a way to search through large structured and unstructured data to identify unknown
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patterns or relationships - ANS>>What does data analytics provide?
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Untructured Data - ANS>>data that do not adhere to a predefined data model in a
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tabular format
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Structured Data - ANS>>data that are organized and reside in a fixed field with a
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record or a file, readily searchable by search algorithms
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Big Data - ANS>>datasets that are too large and complex for businessses existing
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systems to handle utilizing their traditional capabilities to capture, store, manage, and
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analyze these datasets
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Volume, Velocity, Veracity, and Variety - ANS>>What are the 4 V's of big data?
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Volume - ANS>>the sheer size of the data gg gg gg gg gg gg gg




Velocity - ANS>>the speed of data processing
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Variety - ANS>>the number of the types of different data q
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Veracity - ANS>>the underlying quality of the data
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discover the various buying patterns of their customers, investigate anomalies that
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were not anticipated, forecast future possibilities, etc. - ANS>>Companies use data
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analysis to:
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$2 million - ANS>>The study from McKinsey Gobal institute estimated that data
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analytics and technology could generate how much in value per year?
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1. Audits must better embrace technology
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2. Technology will enhance the aulity, transparency, and accuracy of the audit -
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ANS>>According to Forbes Insights/KPMG's report "Audit 2020: A focus on change",
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the vast majority of respondents believe that:
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1) asked questions by management
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2) find data to address those questions
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3) analyze the data
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4) report the results to management to aid in their decision making -
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ANS>>Responsibilities of Management Accountants:
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, D552 Data Analytics for Accountants I
Review
integrating the strategy with the IT department and gaining access to available
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technology tools - ANS>>What do 29% of tax departments find the biggest challenge
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related to executing an analytics strategy?
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Isson and Harriot - ANS>>Who created the IMPACT cycle?
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1) gg I - Identify the Questions
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2) gg M - master the data
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3) gg P - perform test plans
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4) gg A - address and refine results
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5) gg C - communicate insights
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6) gg T - track outcomes - ANS>>Steps to the IMPACT cycle?
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Audience, Scope, and Use - ANS>>What attributes should be considered when
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identifying the question?
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everythign about the data, including how to access, availability, reliability, frequency of
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updates, what time periods are covered to make sure data coincide with the timing of
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the business problem and so on. - ANS>>To master the data, you should know:
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- reviewing data availability in a firm's internal systems
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- reviewing data availability in a firm's external network
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- examine data dictionaries and other contextual data
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- evaluate and perform ETL processes and assess the time required to complete
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- assess data validation and completeness to provide a sense of reliability
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- evaluate and perform data normalization - to reduce data redundancy and improve
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data integrity
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- evaluate and perform data preparation and scrubbing - ANS>>To give some idea
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about the data questions, you may want to consider:
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between 50% and 90% - ANS>>How much time to data analytics professionals
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estimate they spend cleaning the data so it can be analyzed?
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- the research question
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- the model
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- the data availability
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- the expected statistical inference - ANS>>Characeristics that might suggest use of
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different data approaches are:
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Similarity Matching - ANS>>a data approach that attempts to identify similar
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individuals based on data known about them
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Link Prediction - ANS>>attempts to predict a relationship between 2 items
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